xero bill payments - paying employee wages in bulk
Welcome to our Introducing Series - where we showcase the latest tools & apps in the Xero-sphere, including tips on how they really work, what to watch out for, and we'll let you really know what we think of them! 🙂
Following on from our previous blog on Xero Bill Payments, here we delve into the ability to pay employee wages in bulk using Crezco.
We tried it & tested it - and this is what we really think..
The premise:
A simple and secure way to pay bills without leaving Xero (using the power of open banking).
in a nutshell:
Crezco is an app that allows you to make and receive payments efficiently. It acts as an interface between your accounting system (Xero in our case) and your online banking, removing the need to move between the two to make payments.
success!:
Today I successfully paid approximately 25 employees in less than a minute!
There is some setup involved first - but once it’s done, it’s done, then it’s easy(ish) sailing from there on.
our top tips:
Here's what you have to do to prepare Xero for exporting bulk payroll pay runs to Crezco….
In Xero, set each employee's payment method to 'Electronic Transfer' and add employee bank details. Time consuming initial setup operation but saves time in the long run by making wages payments through the Xero/Crezco integration much easier. You can enter employee bank details into Xero more quickly by toggling from employee to employee while remaining on the Payment Method tab.
Do the Pay Run in Xero as usual, and export a bank payment file, selecting the BACS option.
Then in Crezco, you can import this file to create a bulk payment instruction for your bank.
Crezco will take you to your online banking to authorise the payment, and then all of the employees are paid.
our thoughts:
If you have, say, 4 employees or more, then using Crezco to pay your employees will save you time.
The pricing is £20 per month, so well worth considering the time / cost benefits.
You can also use Crezco to bulk pay suppliers, saving even more time and reducing the risk of error - and ultimately making the £20 monthly cost even better value.
WHAT’s all this about bulk paying supPliers using crezco?
Check out our previous blog on Xero Bills Payments, which will tell you everything you need to know!
need help with xero?
If you'd like to go over anything contained in this blog, or would like to cover any aspect of Xero that you're not currently using, please get in touch
Happy Xero-ing folks! 🙂